Recently you’ve been looking into the performance of your company, and you’ve noticed something. It’s not growing very fast. In fact, according to these figures, it’s going to be the twenty-second century before you have a sizable business. But don’t worry, you’re not alone in this. This is a challenge faced by hundreds of startups every year. And it’s a problem that can be solved.
Before jumping into fixing the problem, it’s a good to have an idea about why your startup isn’t growing in the first place. Here are some common obstacles to growth and what you can do about it.
Lack Of Opportunities In The Pipeline
You started up your business because you saw a gap in the market. But the problem is that that gap in the market proved to be very small indeed. You might have a great product. But there just aren’t all that many people who are interested in buying it. In the beginning, you had big plans for your business. But because there just isn’t the interest you imagined there would be in your product, you are struggling to find investors. So what can be done about it?
Well, the first option is to look for ways to broaden your appeal. Are there any untapped markets for a version of your product that, until now, haven’t been explored? What about your marketing efforts? Is your startup doing all it can to get accurate information about your product into the hands of buyers? How about your timing? Is your business coming in too early ahead of a wave of technology and should it wait a few months?
Failing To Network
Businesses need contacts they can rely upon to build their brand and their products. That’s why so many companies put so much effort into B2B events and marketing. They want to have people in the right places who can help them achieve their strategic objectives. But all too often, startups fail to make the contacts they need. And this stunts their growth and reduces their potential.
You might have a great network and a full pipeline, but it won’t count for much if your conversions are low. When it comes to doing business as a startup, conversions are king. Because you have such limited exposure, you have to make the most of every customer interaction that you have. This means that you need to optimize all your processes to maximize conversions. The problem is that many startups don’t do this, and it’s what prevents them from taking their businesses to the next level.
One simple way to test whether you’re using the right methods is to use A/B split testing. Compare different conversion strategies head-to-head to find out which are the most successful.